President Muhammadu Buhari has urged insurance firms in Nigeria to take advantage of the Federal Government’s efforts to facilitate the growth of the non-oil sector of the economy through innovation, commending their role in encouraging medical practitioners to tackle the spread of COVID-19.

Speaking in Abuja, yesterday, at a virtual opening ceremony of the 47th African Insurance Organization (AIO) Conference and yearly general assembly, the President said the insurance sector will play a vital role in the diversification of the economy by bringing “necessary stability, economic sustainability, revenue generation, job creation, and financial inclusiveness.”

“There is a great future for the insurance industry in Africa. We only need to put the right mechanism in place for it to thrive. I assure you that this administration has and will continue to support Insurance growth in Nigeria and Africa at large.

“I commend the leadership of the AIO for the resilience, foresight, and perseverance in ensuring that the African insurance market strives to meet its expectations in the global market, notwithstanding the prevailing challenges,” he said.

President Buhari said the theme of the conference, “Rebuilding Africa’s Economy: An Insurance Perspective”, was apt and well thought out to respond to the reality of the moment as many governments try to devise ingenious ways to manage their economy in the aftermath of the COVID-19 pandemic.